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33_ cj

QuestionAnswer
Artisan's lien lien for unpaid services assessed against personal property that has been improved
Bankruptcy legal proceedings discharging debts and distributing assets
Child custody care and control of a minor
Credit rating evaluation of a party's ability to pay debts
Finance charge total added cost when one pays in installments for goods or services
Garnishment court-ordered procedure by which a portion of a delinquent debtor's wages are paid to satisfy the debt
Guarantor party agreeing to be secondarily liable in case of default by the principal debtor
Insolvent status of being unable to pay debts when they become due
Involuntary bankruptcy occurs when a person or business (except farmers and charities) owe at least $11,625 to petitioning unsecured creditor(s) and are unable to pay debts when they come due
Lien legal right in another's property as security for the performance of an obligation such as the repayment of a loan
Mechanic's lien lien against realty available to one who has supplied labor or materials to improve it
Pawn pledge of tangible personal property
Pledgee creditor in a pledge who takes possession of property given up by pledgor
Pledgor debtor in a pledge who voluntarily gives up possession of the property
Principal debtor person who owes the debt or obligation
Right of contribution cosurety who pays the full debt is entitled to judgment against the other cosureties for their proportionate share of the debt
Surety third party agreeing to be primarily liable for debt in case of default by the principal debtor
Suretyship contractual relation in which a third party agrees to be primarily liable for a debt created in favor of the principal debtor
Trustee legal entity having title to the property named in a trust
Unconscionable contract grossly unfair contract for the sale of goods
Unsecured debt debt in which the creditor lacks a secured interest in collateral
Usury lending money at a rate higher than the state's maximum allowable rate
Voluntary bankruptcy option that offers a person, business, or other association protection from creditors under Chapter 7
Created by: Chanse.j_